ZeniMax is partly owned by private equity firm Providence Equity Partners and German Mass media company ProSiebenSat.1 Media. Providence invested $300 million in ZeniMax in 2007 in exchange for a 25% ownership stake,[6][7] and an additional $150 million in 2010 for an undisclosed amount of shares, now owning a minority stake in the company.[8] ProSiebenSat.1 Media owns a 6.83% stake in ZeniMax as of December 31, 2015.[9]

ZeniMax was reportedly valued at $1.2 billion, in 2007[10] and later rumored to be valued at $2.5 billion or more in 2016."[1]

Weaver brought Altman on board as CEO, contributing his stock in Bethesda Softworks so that the new shell company, named ZeniMax Media, would be able to obtain funding. Weaver served initially as Chief Technology Officer of the company from 1999–2002, then moved to a non-operational role in 2002. Weaver later filed a lawsuit against ZeniMax in 2002, claiming he was ousted by his new business partners after giving them access to his brand and was owed US$1.2 million in severance pay when ZeniMax didn't renew his employment contract. In the end the case was dropped out of court, because Weaver was going through emails of the other employees to find evidence for his case.[12][14]

On October 30, 2007, ZeniMax Media announced that European broadcasting group ProSiebenSat.1 Media was intensifying its relationship with ZeniMax. It launched SevenGames.com, the international version of its German game platform, in December and work with ZeniMax to develop online games. ProSiebenSat.1 Media held a 9% stake in ZeniMax at the time through SBS Broadcasting, which it acquired the same year.[18][19][20] SBS Broadcasting previously acquired a 12.5% stake in ZeniMax in October 2000 as part of the partnership between the two companies at the time.[21][22] This included ZeniMax's e-Nexus Studios subsidiary, developing European entertainment portals and web sites for SBS,[23][24] as well as other stock purchase agreements between SBS and ZeniMax.[25]

In September 2009, ZeniMax Media acquired rights to the Prey video game franchise.[26]

In December 2009, ZeniMax Media acquired publishing rights to the id Software game Rage. The game was to be published by Electronic Arts.[27]

On October 6, 2010, ZeniMax Media received $150 million private investment in convertible preferred stock from Providence Equity Partners.[28] Providence had earlier invested US$300 million in ZeniMax convertible preferred stock in 2007.[29]

On March 3, 2011, ZeniMax Media announced a partnership with the University of Southern California School of Cinematic Arts to support its Interactive Media Division with a comprehensive educational program of guest lectures and internships.[30]

In May 2014, ZeniMax Media, sent a letter to Facebook and Oculus VR asserting that any contributions that John Carmack made to the Oculus Rift project are the intellectual property of ZeniMax, stating that "ZeniMax provided necessary VR technology and other valuable assistance to Palmer Luckey and other Oculus employees in 2012 and 2013 to make the Oculus Rift a viable VR product, superior to other VR market offerings."

On May 21, 2014, ZeniMax Media filed a lawsuit against Oculus VR.[31][32] On June 25, 2014, Oculus VR filed an official response to the lawsuit. Oculus claimed ZeniMax Media was falsely claiming ownership to take advantage of the acquisition by Facebook. Oculus also claimed that the Oculus Rift did not share a single line of code or any technology with ZeniMax's code and technology.[33]